HFF announces sale and financing of dominant Miami retail center
MIAMI, FL – January 22, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and acquisition financing for Bed Bath & Beyond Plaza, a 97,456-square-foot, fully occupied, dominant community shopping center in the city of Doral, Florida.
The HFF team marketed the property on behalf of the seller, Retail Properties of America, Inc. (NYSE: RPAI). A partnership comprising Schmier Property Group and Independencia Asset Management purchased the asset free and clear of existing financing. Additionally, working on behalf of the new owner, the HFF team placed the 10-year, fixed-rate loan with Goldman Sachs Mortgage Co.
Situated on 9.9 acres at 10640 NW 19th Street, Bed Bath & Beyond Plaza is located in Doral, one of Miami’s highest barrier and demand markets due to its strong employment base, dense local population and tourist appeal. The property has access to major highways, including the Dolphin Expressway, and is proximate to two regional malls, Dolphin Mall and Miami International Mall. The daytime population is approximately 180,000 within three miles of the property, and more than 161,776 residents earning an average annual household income of $68,235 live within a three-mile radius. Bed Bath & Beyond Plaza is home to Bed Bath & Beyond, Office Depot, Petco, Party City, Pier 1 Imports, Moe’s Southwest Grill, Doral Dental Partners, Starbucks and more.
The HFF investment advisory team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo and director Eric Williams.
The HFF debt placement team representing the new owner consisted of senior director Nat Scarmazzi.
“Given the exceptional demand drivers in the market, Doral contains some of the most productive retail in the country,” Castillo said. “Bed Bath & Beyond Plaza is no exception and will continue on a long-proven trajectory of success for its new ownership.”
About Retail Properties of America, Inc.
Retail Properties of America, Inc. is a REIT that owns and operates high quality, strategically located shopping centers in the United States. As of June 30, 2017, the company owned 132 retail operating properties representing 23.3 million square feet. The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the company is available at rpai.com.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.